U.S. and Bermuda insurers and reinsurers covering bodily injury claims in the U.K. must adapt quickly to higher costs stemming from a change in the way settlements are calculated, credit ratings agency Fitch Ratings said Tuesday.
Britain's June 8 snap general election has forced Parliament to postpone until later this year the approval of new legislation to help London compete in the fast-growing insurance-linked securities market, a parliamentary spokeswoman confirmed Tuesday.
Andrew Tyrie, the influential U.K. lawmaker and one of the most formidable interrogators of the financial services industry and its regulators, will stand down from Parliament at the June general election, he said on Tuesday.
The European Union needs to accelerate the completion of its capital markets union project by finalizing a number of regulations currently stuck in parliament to counter the disruption of Brexit, its finance chief said Tuesday.
Intensifying scrutiny from regulators will drive expansion of the stand-alone cyber insurance market, which will be crucial if the sector is to provide a sustainable solution to the cyber risks faced by banks and business, brokerage firm JLT Re said Monday.
The European Union’s insurance capital rulebook risks scaring off investors by demanding complex profit reports that fail to show how an insurer is really performing, according to a report released Tuesday.
Europe’s top insurance regulator moved on Friday to clarify provisions of the European Union’s extensive capital rule book for indemnities, to help secure standardized enforcement across member states.
The U.K. government is weighing how to prevent banks and businesses from trading with rogue governments after Britain leaves the European Union and scraps most of its current framework on international sanctions.
Europe’s top insurance regulator on Friday set out a raft of changes to the way insurance companies must report and disclose information to supervisors under Solvency II, the European Union’s capital rulebook for insurers.
The Financial Conduct Authority is investigating Aon PLC, Marsh Ltd. and three other brokers for potentially sharing competitively sensitive information in the aviation insurance sector, the companies confirmed Friday, as the watchdog expands its use of its competition powers.
The U.K.’s Prudential Regulation Authority announced its latest stress test scenario for smaller banks, insurers and building societies on Friday as it seeks to engage senior managers and help them anticipate trouble.
An increasingly interconnected financial world and market makers' use of aging IT systems have left firms vulnerable to cyberattacks, which will drive a surge in demand for cyber coverage, according to a report released Thursday by three of Europe’s top financial regulators.
The U.K.'s Financial Conduct Authority said Tuesday it will prioritize supporting the British government's Brexit process as it maps out wider and tougher enforcement through 2018 under chief executive Andrew Bailey.
A bilateral deal placing insurance providers in the U.S. and European Union on equal footing continued to draw criticism on Friday from numerous members of the U.S. Congress and the National Governors Association, both of which pressed the Trump administration for details about the deal’s functionality.
A major insurance lobby urged the European Union on Monday to explain how its new disclosure rules for investment products will affect indemnities, saying big legal questions remain over how the regime will work.
A long-running saga over European Union disclosure regulations for investment products has cleared its final hurdle, after a plan was quietly approved by the legislators holding up the reforms, a European Commission spokesperson revealed exclusively to Law360 Friday.
Lloyd’s of London, the world’s biggest specialty insurance market, announced Wednesday that it has launched operations in India as Britain pushes into financial markets beyond the European Union.
Swiss Reinsurance Co. Ltd. says it's out more than $80 million in tax liabilities that General Electric Co. was obligated to cover from the 2006 sale of GE's reinsurance business but has yet to reimburse, according to a lawsuit filed Monday in New York state court.
Asset management companies will have to be more transparent about how they deal with shareholders in the companies in which they invest under laws adopted by the European Union on Monday.
U.S. insurance giant AIG's European unit has filed a claim in London’s High Court seeking almost $600,000 from Bank Leumi allegedly owed in the aftermath of the bank’s tax evasion scheme scandal under a reinsurance agreement between the two firms.